Upstart (NASDAQ:UPST) Shares Gap Up – Here’s Why

Upstart Holdings, Inc. (NASDAQ:UPST) shares gapped up before the market opened on Wednesday . The stock had previously closed at $57.00, but opened at $62.08. Upstart shares last traded at $63.16, with a volume of 2,183,512 shares traded.

Analysts Set New Price Targets

Several equities analysts have weighed in on UPST shares. Redburn Atlantic upgraded shares of Upstart from a “neutral” rating to a “buy” rating and boosted their target price for the company from $37.00 to $95.00 in a report on Tuesday, December 3rd. Needham & Company LLC upgraded shares of Upstart from a “hold” rating to a “buy” rating and set a $100.00 target price on the stock in a report on Friday, December 13th. Citigroup upgraded shares of Upstart from a “neutral” rating to a “buy” rating and boosted their target price for the company from $56.00 to $87.00 in a report on Friday, November 8th. Mizuho boosted their target price on shares of Upstart from $33.00 to $48.00 and gave the company an “outperform” rating in a report on Friday, September 20th. Finally, Wedbush boosted their target price on shares of Upstart from $60.00 to $75.00 and gave the company a “neutral” rating in a report on Monday, December 2nd. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $61.80.

Upstart Stock Performance

The business’s 50 day moving average price is $69.84 and its 200-day moving average price is $48.81. The firm has a market capitalization of $5.63 billion, a PE ratio of -31.97 and a beta of 2.26.

Insider Buying and Selling

In other Upstart news, CEO Dave Girouard sold 41,667 shares of the stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $65.41, for a total value of $2,725,438.47. Following the sale, the chief executive officer now directly owns 61,512 shares of the company’s stock, valued at approximately $4,023,499.92. This represents a 40.38 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Sanjay Datta sold 1,500 shares of the stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $53.81, for a total transaction of $80,715.00. Following the completion of the sale, the chief financial officer now directly owns 335,593 shares in the company, valued at approximately $18,058,259.33. This represents a 0.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 352,368 shares of company stock valued at $24,440,688 in the last ninety days. Company insiders own 18.06% of the company’s stock.

Institutional Investors Weigh In On Upstart

Large investors have recently modified their holdings of the company. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Upstart in the 3rd quarter valued at $35,000. BNP Paribas acquired a new position in shares of Upstart in the 3rd quarter valued at $37,000. Blue Trust Inc. boosted its holdings in shares of Upstart by 125.3% in the 3rd quarter. Blue Trust Inc. now owns 989 shares of the company’s stock valued at $40,000 after buying an additional 550 shares in the last quarter. Hollencrest Capital Management acquired a new position in shares of Upstart in the 3rd quarter valued at $40,000. Finally, Indiana Trust & Investment Management Co acquired a new position in shares of Upstart in the 3rd quarter valued at $43,000. 63.01% of the stock is owned by hedge funds and other institutional investors.

Upstart Company Profile

Upstart Holdings, Inc, together with its subsidiaries, operates a cloud-based artificial intelligence (AI) lending platform in the United States. Its platform includes personal loans, automotive retail and refinance loans, home equity lines of credit, and small dollar loans that connects consumer demand for loans to its to bank and credit unions.